On February 17, the House Finance subcommittee will hold a hearing on credit card swipe fees (Durbin amendment). Credit card companies and big banks have sought ways to derail reform. We have an opportunity to voice our support for this important reform. Before the hearing, we need as many small business owners as possible to contact Congressman Darrell Issa and call on him to protect swipe fee reform. Below are some brief talking points that you can personalize:
Representative Darrell Issa
U. S. House of Representatives
1800 Thibodo Road, #310
Vista, CA 92081
Dear Representative Issa,
I am contacting you to ask you to protect the commonsense swipe fee reform that was included in the Wall Street Reform and Consumer Protection Act last year. A bipartisan majority in the Senate passed an amendment by Senator Richard Durbin to ensure debit card swipe fees are ‘reasonable and proportional’ to the overall cost of the transaction.
Today, these fees are excessive and cost my small business $___ each year.
Please don’t let the special interests from big banks and credit card companies repeal this critical measure to help small businesses and consumers in California.
I urge you to support the protection of the Durbin amendment to rein in debit card swipe fees as signed into law last year.
Swipe fee reform – the FACTS
- When prices increase in the restaurant or hotel industry, our members’ tend to be able to negotiate with suppliers in order to bring costs under control.
- Unfortunately there is no such negotiation with the big banks and the credit card companies on swipe fees.
- Swipe fees have increased by 300% in under a decade and our members have had no option but to pass on the cost to consumers.
- Higher prices mean lower sales and slower wage growth for our hardworking employees.
- Rising prices hurt underserved communities and those living on a fixed income.
- With swipe fee reform, we can look forward to a level playing field that will help grow businesses, not just in San Diego, but across the entire country.